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27 Cards in this Set
- Front
- Back
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Want |
goods or services that are not necessary but that we desire or wish for |
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Need |
goods or services that are essential for life |
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Natural Resource |
materials or substances that occur in nature and can be used for economic gain |
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Substitute |
two goods that could be used for the same purpose |
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Budget |
an amount of money available for spending that is based on a plan on how it will be spent |
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Scarcity |
not having enough resourced to produce all of the things we'd like to have (there's some, just not enough) |
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Economics |
the study of how we make decisions on limited resources (how things are bought/used/sold) |
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Trade Off |
a sacrifice that must be made to get a certain product or experience (sacrificing one thing to get another) |
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Options |
a contract that gives the buyer the right to buy or sell an underlying asset at a specific price on or before a certain date |
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System |
a system of production, resource allocation, exchange, and distribution of goods and services in a society or a given geographic area |
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Income |
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Expenses |
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Credit |
borrowing money to pay for something now while promising to repay it later |
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Resources |
things used in making goods or services |
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Interest |
money paid regularly at a particular rate for the repayment of a debt |
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Fixed Rate |
an interest rate that doesn't change |
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Annual Fee |
a yearly fee charged by a credit card company for use of a credit card |
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Introductory Rate |
an interest rate charged to a customer during the initial stages of a loan |
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Savings Account |
an account in which customers receive interest based on how much money they have deposited |
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Money Market Account |
a non financial account that pays interest based on current interest rates in the money markets |
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Savings Bonds |
a bond issued by the government and sold to the general public |
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Certificate of Deposit (CD) |
timed deposit that states the amount of the deposit, maturity and rate of interest being paid |
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Trade |
buying and selling stock |
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Market |
a place where things are traded (money is traded for stock) |
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Symbol |
a group of letters that stand for a company's name |
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Portfolio |
a list of all the stocks you own |
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Annual Percentage Rate (APR) |
the annual cost of credit expressed as a percentage of the amount borrowed |
